Salam assembly approves increasing its Salam Bounian stake up to 100%

26/02/2015 05:03 AST

Salam International Investment Limited's (SIIL) general assembly has approved the company increasing its stake in Salam Bounian to 100% by buying additional shares from willing shareholders.

This will be done based on a new valuation, SIIL said after the company's general assembly here last night.

The general assembly has also authorised SIIL Board of Directors to take all "necessary executive procedures" in this regard, including the determination of purchasing terms and conditions.

The general assembly approved the Board of Directors' recommendation to distribute a cash dividend of 6% of the paid-up capital for 2014. This translates into Dh 60 a share (on QR10 face value).

The company has posted a net profit of QR78.28mn in 2014. Total assets were valued at QR4.64bn comprising current assets of QR2.15bn and non-current assets of QR2.49bn. Meanwhile, the SIIL general assembly approved the election of a new Board of Directors for another three years.

Issa Abdulsalam Abu Issa will be the chairman and CEO and Hussam Abdulsalam Abu Issa vice-chairman and chief operating officer.

The members on the SIIL Board of Directors are: Doha Insurance (represented by Sheikh Nawaf bin Nasser bin Khaled al-Thani); Nasser Suleiman Haidar, Arab Jordan Investment Bank - Qatar (represented by Hani Abdelkader al-Kadi); Bassam Abdulsalam Abu Issa; Abdulsalam Issa Abu Issa; Suleiman and Brothers Company (represented by Ali Haidar Suleiman al-Haidar); Ali bin Ghanem al-Thani Group (represented by Sheikh Ali bin Ghanem al-Thani); Jassim Mohamed Abdulghani al-Mansouri and Badr Ali al-Sada.

The Board of Directors has appointed Dr Adnan Steitieh as secretary to the BOD and company's official spokesman.

Gulf Times